PANI Net Profit Reaches $17.6 Million in First Half of 2025
Main Takeaways
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JAKARTA, Investortrust.id — PT Pantai Indah Kapuk Dua Tbk, or PANI, records net profit attributable to owners of the parent company of Rp 285.86 billion, or $17.6 million, in the first half of 2025, slightly higher than Rp 284.86 billion in the same period last year.
The net profit was equivalent to $17.9 million, and the increase reflected stronger revenue growth. PANI booked a 22% year-on-year rise in net revenue, which reached Rp 1.64 trillion ($102.7 million) in the January to June 2025 period. All of the company’s revenue came from the real estate segment.
At the same time, cost of revenue rose 14.35% year-on-year to Rp 680.07 billion, while gross profit climbed 28.37% year-on-year to Rp 965.36 billion.
Equity and Liabilities
Despite the improvement in gross profit, earnings per share slipped to Rp 16.93, compared with last year. The decline was the result of an increase in outstanding shares, which rose from 15.62 billion to 16.83 billion as of June 30, 2025, following a private placement.
The developer reported total liabilities of Rp 19.32 trillion at the end of June 2025, comprising Rp 16 trillion in short-term obligations and Rp 3.31 trillion in long-term liabilities. Total equity strengthened to Rp 29.43 trillion, up from Rp 26.58 trillion at the end of 2024.
Strong Sales Growth
In the midst of a dynamic property market, PANI secured pre-sales of Rp 1.2 trillion ($75 million) in the first half of 2025. Sales in the second quarter surged 50% compared with the first quarter, reflecting strong demand for its products.
President Director Sugianto Kusuma, widely known as Aguan, said growth was driven by demand for mixed-use shophouses known as rukan, commercial shop units or ruko, small office home offices (SOHO), and premium residential properties that anchor the PIK2 development in North Jakarta.
He noted that sales momentum shows continued interest from buyers in integrated commercial and residential spaces designed to meet modern lifestyle needs.
“We welcome this momentum as a positive signal from the market, and we will continue to deliver developments that are relevant for today while providing long-term value for society,” Aguan said in early August 2025.
Market Valuation and Investor Outlook
Shares of PANI closed at Rp 16,075 on Tuesday, up 1.26% from the previous day. The stock has traded in a wide 52-week range between Rp 5,275 and Rp 19,650, reflecting strong momentum amid optimism in Indonesia’s property sector.
Two analysts currently set a consensus target price of Rp 17,650, with estimates ranging from Rp 12,800 to Rp 22,500. However, valuation models published by Investing.com point to an average fair value of Rp 9,349, implying a potential downside of nearly 42% from current levels.
Source: Investing.com. Data are accurate as time of publication
The company’s financial profile shows both strengths and challenges. PANI holds more cash than debt on its balance sheet and remains a prominent player in real estate development, but it is also trading at a high earnings multiple. Its financial health metrics highlight strong price momentum, yet weaker scores in relative valuation and cash flow.
For investors, PANI continues to attract attention as one of the most visible property developers in Jakarta, though the current premium in valuation underscores the need for caution as the market weighs rapid sales growth against long-term fundamentals.
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